Employment Law: The Top 10 Ways Employers Get Sued

A recent OPEN Forum post listed the top 10 mistakes employers make that are most likely to get you sued; these include: 1. Classifying all employees as exempt, whether or not they are. 2. Allowing non-exempt employees to work during their lunch breaks. 3. Classifying employees as independent contractors when they are not. 4. Neglecting to provide discrimination and harassment training to supervisors and Read More

ESOPs: A Solution for Business Owners Teetering on the Fiscal Cliff

It has been estimated that business owners have up to 80 percent of their personal net worth tied up in the value of their business, so the pending tax increases have many owners worried about a significant loss of assets to higher capital gains taxes. One solution to consider is an employee stock ownership plan (ESOP), a qualified retirement plan whose assets are made up of company stock that is held in a Read More

3 Tax Saving Actions To Take Before 2013!

It’s safe to say that all of us would like to save money on our taxes. The problem is, most of us don’t know how or we procrastinate too long to take advantage of tax saving strategies that can make a big difference on the bottom line. If you’re ready to save money - be ready to act now. You can literally save thousands on your taxes by implementing these three simple actions in the next two weeks. 1.    Meet with Read More

The Pros and Cons of Sole Proprietorships, LLCs and Corporations

Starting your own business?  One of the first things you will need to do is to decide what type of business entity is best for you.  There are pros and cons to each and it is advisable to consult with a Creative Business Lawyer™ before you make your decision: Sole Proprietorship – nearly three-quarters of all American businesses are run as a sole proprietorship; here are the pros and cons: Pros:  Easy to start, Read More

Asset Protection for the Small Business Owner

According to the U.S. Small Business Association, small businesses create almost two of every three jobs in the U.S. every year, and half of working Americans are either owners or employees of a small business. The SBA advises entrepreneurs to seek counsel while in the initial phases of getting a business off the ground.  As a small business owner, you are subject to the same laws and regulation as a large Read More

How to Use Estate Planning Strategies to Transfer Business Interests

Planning for the transfer or liquidation of your business when you are ready to retire or when you die is just as important as the planning you did in starting up your small business.  Here are some tips from a Creative Business Lawyer™ on how to use estate planning strategies to transfer your business interests: Business Structure – How your business is set up – as a partnership, a sole proprietorship, an LLC, a C Read More

Be Sure You Cover All the Legal Bases for Your Home-Based Business

Almost half of small businesses in the U.S. are operated from home, and that number is growing as the population ages and changes careers.  While the convenience of operating a home-based business is hard to beat, you need to be sure you are not running afoul of any local and tax laws while operating your business.  Some considerations: Zoning – Municipal or county zoning laws typically draw a line between Read More

5 Reasons Business Owners Need to Review Their Buy-Sell Agreements Immediately

Savvy business owners typically execute buy-sell agreements in order to protect their family’s biggest asset.  It is, essentially, the last will and testament for your business.  But just like a will, if circumstances change, a buy-sell agreement needs to be updated to reflect those changes.  Here are five good reasons you need to meet with a Creative Business Lawyer™ to review your company’s buy-sell agreement right Read More

2013 to Usher in Multiple Tax Changes

The fiscal cliff so many of us have heard about that looms at the end of this year involves a number of likely tax changes that not only impact estate planning but your business planning as well.  Unless Congress acts by December 31, here’s what you can expect: Increase in income tax rates – This increase will affect just about everyone, including those in the lowest tax bracket, where rates will go from 10 percent Read More

Business Succession Planning Can Save Your Company From the Unexpected

If you are a small business owner, you may have already given some thought to long-term business succession planning.  But what if something happens to you tomorrow?  Is your business protected? An illness or accident that causes you to be suddenly absent from your business can create havoc if there are no plans in place for this possibility. There are a number of options that can help you ensure your business runs Read More